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          1. Seafood Processing Industry Profile

            Report Page Length: 10-12
            Last Quarterly Update: 7/20/2020
            SIC Codes: 2077, 2091, 2092
            NAICS Codes: 31171
            Chapters Include:
            Industry Overview Trends & Challenges Industry Forecast
            Quarterly Industry Update Call Prep Questions Website & Media Links
            Business Challenges Financial Information Glossary & Acronyms
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            Excerpt from Seafood Processing Industry Profile

            Companies in this industry clean and pack fresh seafood; can, freeze, and dry seafood; and process fish fats and oils. Major companies include Ocean Beauty Seafoods and Trident Seafoods (both headquartered in the US), as well as Dongwon Industries (South Korea), High Liner Foods (Canada), Icelandic Group (Iceland), Marine Harvest (Norway), Japan's Maruha Nichiro Holdings and Nippon Suisan Kaisha, Pescanova (Spain), and Thai Union (Thailand).

            Global exports of seafood products total about $140 billion per year. China is the largest seafood producer; the US, Japan, and China are the largest import markets. Seafood consumption is increasing in developing nations with rising incomes, particularly in the Asia/Pacific region and Latin America. Per-capita consumption is expected to increase in Brazil, Peru, Chile, China, and Mexico over the next decade.

            The US seafood processing industry consists of about 585 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $12 billion.

            COMPETITIVE LANDSCAPE

            Demand is driven by trends in fish consumption. The profitability of individual companies depends on operational efficiencies. Large companies often enjoy the advantages of vertical integration and have economies of scale in purchasing and marketing. Small companies can compete effectively by specializing in niche markets. The US industry is concentrated: the 50 largest companies account for about 75% of revenue.

            Imports of processed and canned seafood account for more than 20% of the US market. Major sources of imports ...

             
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